Global Precision Medical Inc.

April 17, 2007 09:30 ET

GLOBAL PRECISION MEDICAL INC. Announces Change in Business Direction, Debt Settlement Agreement, and Resignation of a Director

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 17, 2007) - Global Precision Medical Inc. ("the Company") (PINK SHEETS:GBPM) announces that it has made a corporate decision to change its business direction to undertake mineral exploration focused on Papua New Guinea. Papua New Guinea, the size of California located along the "Ring of Fire" in the Pacific is widely regarded as one of the world's most prospective regions for finding world scale copper/gold deposits.

The Company has entered into a Letter Agreement with Chieftan Mining Limited, a Papua New Guinea company to source known under-explored high-impact mineral areas in Papua New Guinea. The Letter Agreement is an agreement whereby Chieftan grants Global the exclusive first right of refusal to acquire by the issuance of Global shares Chieftan's rights under the Exploration and Mining Development Agreements that Chieftan enters into through June 30, 2008.

Chieftan has developed a unique business model to involve traditional landowners from the earliest stages and to work with them as partners under a detailed Exploration & Development Agreement. This approach is designed to bring fairness to the process of exploration in areas where the indigenous populations are at a commercial negotiating disadvantage. It also makes good business sense to engage the Landowners in the process, ensuring the likelihood of cooperation on a long term basis. Further, prospective exploration lands that have been withheld because of exclusionary policies on the part of exploration companies in the past are more likely to be offered for development.

To accommodate the new direction that the company is taking, a special annual meeting is being scheduled to approve a name change for the company to Global Pacific Minerals Corp. to reflect the changes in business direction, and to elect additional directors to the Board of Directors.

Debt Settlement

Global has entered into a debt settlement agreement with the President and with two creditors to settle US $158,976.03 by way of the issuance of an aggregate of 3,974,400.75 restricted Treasury shares at US $.04 each. The closing of the shares for debt settlement will take place any time on or before April 30, 2007 and such closing will be marked by the issuance of Treasury shares.

Resignation and Appointment of Director

The Company also announces that it accepted the resignation of Mr. James Elliott as a Director and is pleased to announce the appointment of and acceptance by Ellen Dearnley as Director and Corporate Secretary effective April 16, 2007.

Ellen Dearnley is a Chartered Accountant with several years of experience with public companies, with specific emphasis on resource based operations. She has practiced in both Canada and Great Britain.

As of the date of this news release, the Company's common shares are quoted under the symbol "GBPM.PK" on the OTCBB Pinks.

On behalf of the Board of GLOBAL PRECISION MEDICAL INC.

Lindsay B. Semple, President and Director


This news release may include forward-looking statements within the meaning of Section 27a of the United States Securities Act of 1933, as amended, and Section 21e of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "Safe Harbor" Provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.

Contact Information

  • Global Precision Medical Inc.
    Lindsay B. Semple
    President and Director
    (604) 613-1296